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Subdued Start To The Week, Consumer & Business Confidence Tomorrow

AUSSIE BONDS
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ACGBs (YM +4.0 & XM +3.5) are richer but slightly weaker than session highs.

  • Outside of the previously outlined Home Loans data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are 1-2bps cheaper in today's Asia-Pac session after Friday’s strong post-Payrolls rally. Today’s move may reflect some profit-taking along with a reaction to yesterday’s French election result and news on PBoC bond purchases. China government bonds are dealing 2-4bps cheaper.
  • The PBoC will carry out temporary bond repurchase or reverse repurchase operations depending on the market situation during working days between 16:00 and 16:20.
  • Cash ACGBs are 3bps richer, with the AU-US 10-year yield differential at +8bps.
  • Swap rates are 3-4bps lower.
  • The bills strip has bull-flattened, with pricing flat to +4.
  • RBA-dated OIS pricing is 1-3bps softer across meetings. Terminal rate expectations decline by 1bps to 4.48%.
  • Tomorrow, the local calendar will see Consumer and Business Confidence data.
  • The AOFM plans to sell A$700mn of the 3.75% 21 May 2034 bond on Wednesday and A$800mn of the 2.75% 21 November 2029 bond on Friday.
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ACGBs (YM +4.0 & XM +3.5) are richer but slightly weaker than session highs.

  • Outside of the previously outlined Home Loans data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are 1-2bps cheaper in today's Asia-Pac session after Friday’s strong post-Payrolls rally. Today’s move may reflect some profit-taking along with a reaction to yesterday’s French election result and news on PBoC bond purchases. China government bonds are dealing 2-4bps cheaper.
  • The PBoC will carry out temporary bond repurchase or reverse repurchase operations depending on the market situation during working days between 16:00 and 16:20.
  • Cash ACGBs are 3bps richer, with the AU-US 10-year yield differential at +8bps.
  • Swap rates are 3-4bps lower.
  • The bills strip has bull-flattened, with pricing flat to +4.
  • RBA-dated OIS pricing is 1-3bps softer across meetings. Terminal rate expectations decline by 1bps to 4.48%.
  • Tomorrow, the local calendar will see Consumer and Business Confidence data.
  • The AOFM plans to sell A$700mn of the 3.75% 21 May 2034 bond on Wednesday and A$800mn of the 2.75% 21 November 2029 bond on Friday.